Eligibility for home ownership assistance
To be eligible you must:
- have an income to meet the cost of purchasing and owning a home
- be under income and financial asset limits* (If you qualify for the First Home Owners Grant, or you are purchasing an existing home and qualify for the First Home Buyer Stamp Duty Concession, or you are a tenant in a Homes Tasmania property, you are exempt from this requirement)
- live in Tasmania
- be an Australian citizen or permanent resident
- be an individual at least 18 years old (not a business or organisation)
- have a minimum deposit of 2 per cent of the purchase price – if you are eligible for first home owner assistance, you can use this towards your deposit
- not own or have an interest in any other real property (you may own land that you want to build your home on with the assistance of MyHome)
- not be an undischarged bankrupt or discharged from bankruptcy within three years before the date of the application
- not owe any money to Homes Tasmania
- not have previously received help under HomeShare, Streets Ahead or Home Ownership Assistance Program (HOAP)
- be able to pay legal and establishment fees
- live in the house you buy – it has to be your main residence.
For more information on eligibility requirements, please refer to the Bank of us website.
* Your financial assets must be no more than $116 606. Financial assets include cash, savings, lump sum payments other than compensation payments, net fixed assets of a business, funds received from superannuation, and shares, bonds and investments. Your normal household assets are not included unless they are luxury items.
Household income limits for purchasing an existing home
NO OF ADULTS IN HOUSEHOLD | NO OF CHILDREN IN HOUSEHOLD | GROSS INCOME LIMIT PER WEEK | GROSS INCOME LIMIT PER ANNUM |
|---|---|---|---|
2 | 0 | $2 133 | $110 915 |
2 | 1 | $2 560 | $133 140 |
2 | 2 | $2 988 | $155 369 |
2 | 3 | $3 415 | $177 597 |
2 | 4 or more | $3 841 | $199 713 |
1 | 0 | $1 855 | $96 447 |
1 | 1 | $2 133 | $110 915 |
1 | 2 | $2 284 | $118 760 |
1 | 3 | $2 709 | $140 877 |
1 | 4 or more | $3 137 | $163 105 |
Household income limits for purchasing a new home or house and land package
NO OF ADULTS IN HOUSEHOLD | NO OF CHILDREN IN HOUSEHOLD | GROSS INCOME LIMIT PER WEEK | GROSS INCOME LIMIT PER ANNUM |
|---|---|---|---|
2 | 0 | $2 586 | $134 475 |
2 | 1 | $3 104 | $161 421 |
2 | 2 | $3 623 | $188 371 |
2 | 3 | $4 141 | $215 321 |
2 | 4 or more | $4 656 | $242 135 |
1 | 0 | $2 249 | $116 934 |
1 | 1 | $2 586 | $134 475 |
1 | 2 | $2 769 | $143 986 |
1 | 3 | $3 285 | $170 801 |
1 | 4 or more | $3 803 | $197 751 |
Income and asset eligibility limits updated as at 1 July 2024.